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Increase in the Value of Residential Buildings

Increase in the Value of Residential Building Work Put in Place

The value of residential work put in place was $1,515 million in the June 2003 quarter, according to Statistics New Zealand. The seasonally adjusted value for residential building work put in place increased 9 percent in the June 2003 quarter, compared with the March 2003 quarter. The underlying trend for the value of residential building work put in place has been steadily increasing since the March 2001 quarter.

The value of non-residential building work put in place for the June 2003 quarter was $758 million.

Miscellaneous buildings, which includes sport stadiums and transport, community and farm buildings, made the largest contribution to non-residential building work put in place with $206 million or 27 percent of the total. This was followed by commercial buildings with $197 million or 26 percent and education buildings with $124 million or 16 percent. The underlying trend for the value of non-residential building work has been decreasing since the December 2002 quarter.

For the June 2003 quarter, the total value for all building work put in place was $2,273 million. The seasonally adjusted value for all building work put in place increased 4 percent in the June 2003 quarter, compared with the March 2003 quarter. Since the March 2001 quarter, the underlying trend for the value of all building work put in place has been steadily increasing. Residential building work put in place contributed 67 percent to the total value of all building work put in place in the June 2003 quarter, compared with 59 percent in the June 2002 quarter.

Ian Ewing

Acting Government Statistician

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